Further to its announcement dated 22.7.2008, Marfin Popular Bank Public Co Ltd (MPB) announces the completion of the agreement for the long-term partnership between CNP Assurances (CNP) and MPB for the development of the insurance business in Greece and Cyprus through the MPB banking networks in Greece and Cyprus.
The terms of the agreement include the transfer of 50,1% of the share capital of "MARFIN INSURANCE HOLDINGS LTD", which is the insurance arm of the MPB Group and also a ten year renewable exclusive distribution agreement with an extension option in the other countries MPB operates.
"MARFIN INSURANCE HOLDINGS LTD" owns 100% of Laiki Cyprialife (LCL - Life Insurance in Cyprus), Laiki Insurance (LI - General Insurance in Cyprus), Marfin Life (ML - Life Insurance in Greece) and Marfin Brokers (MB - Insurance Brokerage business in Greece).